Textual Amendments
F1Sch. 8B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 12 para. 3
1(1)This Schedule applies if—U.K.
(a)a chargeable gain accrues to an individual (“the investor”),
(b)the investor acquires one or more assets (“the social holding”),
(c)the investor is eligible for SI relief under Part 5B of ITA 2007 in respect of the consideration given for the social holding, and
(d)conditions A, B, C, D and E are met.
(2)Condition A is that the gain is one that accrues—
(a)on the disposal by the investor of an asset,
(b)in accordance with section 169N (but see sub-paragraph (7)), or
(c)as a result of the operation of paragraph 5 in connection with a chargeable event within paragraph 6(1)(c) or (d).
(3)Condition B is that the gain is one that accrues—
(a)on or after 6 April 2014, and
(b)before [F26 April 2021] (but see sub-paragraph (8)).
(4)Condition C is that the investor is resident in the United Kingdom—
(a)when the gain accrues, and
(b)when the social holding is acquired.
(5)Condition D is that the social holding is acquired by the investor on the investor's own behalf.
(6)Condition E is that the social holding is acquired—
(a)in the 3 years beginning with the day when the gain accrues, or
(b)in the year that ends at the beginning of that day.
(7)The reference in sub-paragraph (2)(b) to a gain accruing in accordance with section 169N does not include such a gain so far as it is chargeable to capital gains tax at the rate in section 169N(3) (rate where [F3business asset disposal relief] is available).
(8)The Treasury may by order substitute a later date for the date for the time being specified in sub-paragraph (3)(b).]
Textual Amendments
F2Words in Sch. 8B para. 1(3)(b) substituted (4.11.2019) by The Taxation of Chargeable Gains Act 1992, Schedule 8B (Substitution of Dates) Regulations 2019 (S.I. 2019/1237), reg. 2
F3Words in Act substituted (with effect for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(2)(a), 8 (with Sch. 3 para. 7(3))